120 N Farmer Street, Otsego, MI 49078
Allegan County
Key Facts
Description
Turnkey investment opportunity in the heart of downtown Otsego! This 5-unit mixed-use building offers strong, consistent cash flow with a current gross income of $4,030/month and an impressively low expense ratio. A major bonus for investors--city-owned parking means reduced maintenance responsibilities and costs, as the municipality handles parking areas and sidewalks. The property features a versatile unit mix, including two approximately 950 sq ft main-floor commercial suites with excellent street presence, plus three residential units: a well-appointed 1-bedroom/1-bath apartment, a spacious 2-bedroom/1-bath unit, and a studio apartment. All units have seen significant updates, providing a clean, modern feel that attracts and retains quality tenants. Whether you're looking to expand your portfolio or secure a stable, income-producing asset, this property checks all the boxes. Fully occupied, professionally positioned, and truly turnkey--this is a rare opportunity to own a low-maintenance, passive income generator in a growing downtown market.
Property Information
Property Type
Residential Income
Sub-Type
Multi Family
Year Built
1870
Lot Size
0.07 acres
Lot Dimensions
30.64x101
Parking Spaces
10
MLS® Listing#
26016147
Property Features
Heating
Basement
Construction
Roof
Community
Utilities
Sewer
Water Source
Schools
- District:
- Otsego
Financial Details
Annual Taxes
$3,990
Tax year 2025
Assessed Value
$62,269
Parcel Number
54-100-120-70
Directions
N on S Farmer, past E Allegan St. Building is on the right.
Affordability Calculator
$75,000
Estimated monthly payment
$1,996/mo
Principal $300,000 · Est. interest $418,527 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Otsego, MI
- $271,429
- Median Listing Price
- 95
- Median Days on Market
- 1,920
- Median Sq Ft
- $166
- Median Price / Sq Ft
- 28
- Active Listings
- This home’s price is 38% above the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Otsego, MI.
Location
Points of Interest in Otsego, MI
Showing the Otsego area map.
Nearby Schools
Otsego Baptist Academy
School · 0.2 mi away
Dix Street Elementary School
Elementary · 0.7 mi away
Otsego Public Schools
Secondary · 0.7 mi away
St. Margaret School
School · 0.8 mi away
Washington Street Elementary
Elementary · 0.9 mi away
Peace Lutheran Church - Otsego
School · 0.9 mi away
Otsego Middle School
Secondary · 0.9 mi away
Otsego School District
Elementary · 0.9 mi away
Otsego High School
Secondary · 0.9 mi away
Starr Elementary School
Elementary · 2.8 mi away
Plainwell Middle School
Secondary · 2.8 mi away
Plainwell Community Schools
School · 2.8 mi away
Plainwell Virtual School
School · 2.8 mi away
Plainwell High School
Secondary · 3.2 mi away
Gilkey Elementary School
Elementary · 3.3 mi away
Renaissance High School
Secondary · 3.6 mi away
Alamo Elementary
Elementary · 5.7 mi away
Robert D Brandon Elementary School
Elementary · 6.0 mi away
Martin High School
Secondary · 6.0 mi away
Cooper Elementary School
Elementary · 7.1 mi away
Commute Calculator
Nearby Homes
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Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 6405 Wolverine Trail, Otsego Lake Township, MI | $279,750 | 3 | 2 | 1,560 |
| 1980 112th Avenue, Otsego, MI | $289,900 | 3 | 1 | 1,188 |
| 1371 Hazelwood Drive, Otsego Township, MI | $309,900 | 4 | 2 | 1,920 |
| 245 Court Street, Otsego, MI | $325,000 | — | 3 | 8,117 |
| 245 Court Street, Otsego City, MI | $325,000 | — | 3 | 8,117 |
| 1674 Aspen Trails, Otsego, MI | $344,900 | 4 | 2 | 2,072 |
Moving Cost Estimate
EXIT Agents in Otsego
Listing Courtesy: Five Star Real Estate - 2693774589
Presented by: Adam Atwood